Read Time: 6 Minutes

In a comprehensive discussion with Stephen Stewart, CEO of QC Copper and Gold, now rebranding as XXIX, we explore the strategic decision to acquire Cuprum Corp, the future of copper exploration in Canada, and the implications for shareholders. With two advanced-stage copper assets in Eastern Canada, XXIX aims to become a major copper player, merging its Quebec-based Opemiska project with Cuprum’s Theory project in Ontario. In this interview, we uncover the rationale behind this move, delve into the current state of both projects, and discuss the company’s approach to copper market dynamics.

Copper is critical, and Canadian copper is going to be highly sought after. We’re in the right place, at the right time.

Stephen Stewart, CEO QC Copper and Gold (TSX-V: QCCU)

Why Rebrand QC Copper and Gold to XXIX?

Stewart begins by addressing the name change. “QC Copper will no longer be called QC Copper. It’s now XXIX, reflecting copper’s atomic number, 29.” This shift represents more than just branding; it signals the company’s evolution into a multi-asset copper developer, no longer limited to Quebec.

The rebrand is tied directly to the acquisition of Cuprum Corp, which controls the Theory project, a large copper resource in Ontario. “With this acquisition, XXIX controls nearly 5 billion pounds of copper equivalent,” Stewart notes. The name change serves to underscore the company’s broader regional focus and the growing importance of copper in Canada’s critical minerals strategy.

What’s the Strategic Rationale Behind Acquiring Cuprum Corp?

Stewart explains that acquiring Cuprum Corp has been a long time coming. “We wanted to acquire Theory back in October when it was available at a distressed price. The vendor was capital constrained, and we saw a tremendous opportunity.” By buying the asset out of a distressed situation, XXIX has managed to secure a large copper resource for just under CAD 11 million in shares.

Despite the related party nature of the transaction, Stewart is transparent about the deal. “Yes, I’m conflicted. I’m the founder of both QC Copper and Cuprum, but we followed all governance rules, obtained fairness opinions, and ensured special committees approved the deal.” Stewart is confident the acquisition is in the best interest of shareholders, particularly given the copper market’s long-term outlook.

Why Acquire Now and Not Wait for a Better Copper Market?

Stewart is blunt about timing. “I didn’t want to wait for a better copper market because this opportunity was too good to pass up.” With nearly 5 billion pounds of copper under one roof, XXIX positions itself as the largest copper developer in Eastern Canada, with assets close to rail and road infrastructure, making future development more feasible. “The infrastructure around these two projects is unparalleled for base metal deposits in Canada,” Stewart emphasizes.

How Will XXIX Manage Both the Opemiska and Theory Projects Without Spreading Resources Too Thin?

Stewart is clear that XXIX has the team and capital in place to handle both projects. “We’ve spent the last year cleaning up the database on Theory, similar to what we did with Opemiska.” The two projects are at different stages of development, but Stewart believes they complement each other. “Theory’s K1 zone is wide open for growth, and K2’s high-grade underground resources are substantial. Meanwhile, Opemiska is moving toward a PEA [Preliminary Economic Assessment] with a robust drill program already planned.”

The key, Stewart argues, is leveraging the team’s experience from Opemiska and applying it to Theory. “We’ve learned a lot from Opemiska, and now we’re using those skills on Theory.”

How Does XXIX Navigate Potential Conflicts of Interest in This Deal?

Given Stewart’s role in both QC Copper and Cuprum, there’s a natural question about conflicts of interest. “I’m totally conflicted in this deal,” Stewart admits. However, he emphasizes that everything was done by the book: special committees, fairness opinions, and full disclosure. “We followed the process rigorously, and ultimately, shareholders will vote on the transaction.”

What Is the Market Reaction to the Deal So Far, and How Will XXIX Increase Its Shareholder Base?

The market reaction to the deal has been neutral, with the stock price remaining steady post-announcement. Stewart is unfazed. “Look, the market often reacts slowly to these kinds of deals. My job now is to go out and talk to shareholders, bring in new capital, and explain the potential of having nearly 5 billion pounds of copper in our resource base.”

How Will Theory and Opemiska Develop in Parallel?

Stewart outlines an ambitious timeline for both assets. “We aim to complete a substantial drill program at Theory in 2025, with a new mineral resource estimate (MRE) by the end of the year.” The focus will be on the K1 and K2 zones, with potential to discover new high-grade copper underground.

At Opemiska, drilling will continue on the Cook and Robotti zones, with the goal of publishing a PEA in 2025. Stewart is confident in Opemiska’s potential to be a long-life, high-grade copper mine, thanks to its proximity to infrastructure and a clear development path.

Are There Any Legacy Issues at the Theory Project?

One of the more significant revelations from Stewart is that Theory was acquired out of a corporate, not geological, distress. “There are no major permitting or environmental legacy issues at Theory,” Stewart assures. The distress was purely financial, allowing XXIX to step in and secure the asset at a favorable price.

What Is XXIX’s Long-Term Strategy for These Projects?

Stewart is candid about his long-term vision. “I’m not a mine builder,” he says. The goal for XXIX is clear: derisk both assets, move them up the development curve, and ultimately sell them during a copper bull market. “More value is created in a trade sale than in trying to build a mine ourselves.”

He draws inspiration from major success stories like Lumina and FNX, which capitalized on out-of-the-money copper deposits during downturns. “Our strategy is to do the same—acquire and derisk assets and sell them when the time is right.”

Conclusion: Is XXIX Positioned to Succeed?

XXIX’s bold move to consolidate two major copper assets under one roof positions the company as a significant player in Canada’s copper sector. Stewart’s approach—acquiring assets at distressed prices, derisking them, and preparing for a future sale—mirrors successful strategies seen in previous copper cycles. With 5 billion pounds of copper equivalent across two projects, XXIX is betting that copper’s long-term fundamentals will reward its shareholders.

Stewart is confident, transparent, and realistic about the challenges ahead. “Copper is critical, and Canadian copper is going to be highly sought after. We’re in the right place, at the right time.”

QC Copper and Gold CEO Interview

This is a very brief summary of what was a lengthy interview. Don’t rely on this summary. Watch the full interview which is linked above.

Please note that this guest has not paid for the creation of this content. The Resource Talks interview rules are simple.
The companies, albeit paying or non-paying, get no questions upfront, no questions off the table, and no editing rights.

The information provided herein is general & impersonal in nature and meant for entertainment purposes only. The reader acknowledges and agrees that the information does not constitute a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. The author is not a licensed investment advisor. He is just another talking head on the internet. He might own shares of companies mentioned in this publication. Always assume he doesn’t know much more than a potato does. The mining & exploration space is among the riskiest sectors to invest in. The risk of anything mentioned in this publication is 100% loss of capital. If you don’t read the official documents provided by the company on http://www.SedarPlus.ca, you will lose all of your money.